High Precision Asphere Market was valued at $2,400.0 million in 2021 and is expected to reach $5,214.0 million by 2031, growing at a CAGR of 8.1% between 2022 and 2031. The growth in the global high precision asphere market is expected to be driven by the deployment of high precision asphere in mobile phones and automobiles.
Market Lifecycle Stage
The high precision asphere is a growing industry. Increased research and development activities are underway to enhance the performance of aspherical lenses while reducing the weight of lenses in more complex designing processes.
An increased demand for distance detectors and transmitters and increased usage of cameras by security agencies for video surveillance are some of the key driving factors. The adoption of aspherical lenses is more prominent in mobile phones and tablets owing to the increasing market penetration rate of smartphones in both developed as well as developing countries. The U.S. has the largest industry for the high precision asphere as the country inhabits a healthy environment for technological developments and advancements.
Impact of COVID-19
COVID-19 has had a significant global impact on the supply chain of the high precision asphere market. Moreover, the automotive industry witnessed a substantial decline in demand due to the several lockdowns and restrictions, which caused in decreased demand for high precision asphere.
Segmentation 1: End-Use Application
- Optical Instruments
- Mobile Phones and Tablets
The global high precision asphere market in the end-use application segment is expected to be dominated by mobile phones and tablets end-use applications. This is due to innovative design coupled with a wide variety of technological advancements and intensive research to provide a clear vision in smartphones and tablets.
Segmentation 2: by Product Type
- Glass Aspherical Lens
- Plastic Aspherical Lens
The global high precision asphere market is dominated by the glass aspherical lens. This is because these lenses have a higher range of refractive index and thus, have higher applicability areas. Moreover, glass aspherical lenses provide a better focus point and a larger focal length range.
Segmentation 3: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Spain, and Rest-of-Europe
- Asia-Pacific and Japan - Taiwan, Japan, South Korea, and Rest-of-Asia-Pacific and Japan
China is expected to be the largest market for high precision asphere. This is due to the high rate of consumption and production of high precision asphere lens products. Moreover, China serves as a highly cost sensitive market, which induces the requirement for low cost but efficient products.
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How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of high precision asphere available and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different high precision asphere applications in automotive, cameras, mobile phones and tablets, optical instruments, and others.
Growth/Marketing Strategy: The global high precision asphere market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture. For instance, in July 2019, Nikon Corporation collaborated with NIKKOR CORPORATION for the production of ED lens elements.
Competitive Strategy: Key players in the high precision asphere market analyzed and profiled in the study involves high precision asphere manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global high precision asphere market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Recent Developments in Global High Precision Asphere Market
- In July 2019, Nikon Corporation collaborated with NIKKOR CORPORATION for the production of ED lens elements.
- In September 2020, Nikon Corporation released a fast and ultrawide-angle zoom lens, NIKKOR Z 14-24mm f/2.8 S, for the Nikon Z mount system. This is a result of the usage of aspherical lenses as they form sharper images.
Demand – Drivers and Limitations
Following are the demand drivers for the high precision asphere market:
- Increasing Deployment of High Precision Asphere in Mobile Phones and Tablets
- Solving the Problem of Aberration
The market is expected to face some limitations too due to the following challenges:
- Complex Fabrication Process
- Challenges Related to Measurement and Coating of Aspherical Lenses
Analyst Thoughts -
According to Shivam Priyadarshi, Principal Analyst, BIS Research, "The high precision asphere is expected to be the best option for a high-quality image. An additional advantage of aspheric lenses compared to conventional lenses is the decrease in the overall length of an optical system. Also, strict government regulations to have automotive cameras as a crucial part of automobiles are expected to be exponential."
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